SELLING ONLINE VERSUS LIVE*

Eiichiro Kazumori and John McMillan

Journal of Industrial Economics, 2005, vol. 53, issue 4, 543-569

Abstract: A seller choosing between auctioning online and live faces a tradeoff: lower transaction costs online against more rents left with the bidders. We model this tradeoff, and apply the theory to auctions of art. The crucial parameter for whether the seller does better online than live is not the expected price but the valuation uncertainty.

Date: 2005
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